My partner and I are hoping to purchase a flat in Locks Heath and have appointed a Locks Heath conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this morning contacted us to advise us that they have now hit a problem as our Locks Heath solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Locks Heath lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am looking to buy a house and need a conveyancing solicitor in Locks Heath who is on the Chelsea Building Society conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Locks Heath. We dont recommend any particular firm.
five months have gone by following my purchase conveyancing in Locks Heath concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Locks Heath with a loan from Norwich and Peterborough Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my solicitor about this deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Locks Heath is the location of the property. Can you offer any assistance?
Flying freeholds in Locks Heath are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Locks Heath you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Locks Heath may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Locks Heath. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Locks Heath ?
Most houses in Locks Heath are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Locks Heath in which case you should be looking for a Locks Heath conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a basement flat in Locks Heath, conveyancing was carried out March 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Locks Heath with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2102
With only 77 years unexpired the likely cost is going to be between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.